My company is a start up sales and marketing business specializing in vitamins and natural health products.
I know I need to get a tax id number. Then what?
2006-09-12 05:41:26 · 18 answers · asked by A G 1 in Business & Finance ➔ Credit
Get your occupational license, get your tax ID number or if you're an independent contractor with no workers then use your SS number, then open a checking account in the name of the company with you as the only signer and get some paper checks. Then inform the credit bureaus about your business and ask to open a record. Then go to some place like Staples and open a business/revolving type credit card under the business name with only you being the signer, and buy something for your business on credit (like accounting supplies, a mouse, anything small that you know you can repay easily).
2006-09-13 22:51:25 · answer #1 · answered by sophieb 7 · 10⤊ 1⤋
Optimally, find vendors who are willing to give you net 30 terms or better. Some business, like shipping, will only give you 7, 10, or 15 to pay them. You might find vendors that have COD, cash deposit and credit hold options. Weigh them out and shop around.
Some vendors will ask you to put a "hold" on a credit card, sometimes for thousands of dollars, in lieu of checking a DNB report. I believe this can even be done on a personal or business credit account. A hold is also commonly used at places like hotels and rental cars. The amount held reduces your available credit, but doesn't acrcrue interest or require payment until the vendor uses it when you don't pay the bill.
American Express OPEN advertises "easy" lines of credit for small business. Use it for business expenses and pay it in full and on time.
When I was required to use a business card for travel, the grace period was 60 days. This was to give my employer ample time to reimburse my expenses.
2006-09-13 11:55:54 · answer #2 · answered by Merelda 2 · 2⤊ 0⤋
Set your parameters:
a) How large of service area do you wish to cover?
b) What profit mark-up will you aim for?
c) How will you handle vendors, bad checks, returns?
d) How important will advertising be? Which market and means?
e) Realistically, most new businesses fail in the first 5 years. So you need to set a realistic point beyond which you will not work or go into debt.
f) When will you rest? How many hours will you work. My last start up, I carried a cot in my van so I could sleep in the office if I got back too late to go home. DUMB!
g) Identify the smile points of everyday.
2006-09-13 18:12:31 · answer #3 · answered by Anonymous · 2⤊ 0⤋
You should first have a business plan, clean up your credit (you can do this yourself) order three credit reports (you can obtain free credit reports once per year from Experian, Equifax and Telecredit. Then contact the City of the area you are doing business in and they will guide you on the proper licenses to obtain along with the proper procedures to follow.
2006-09-12 06:07:27 · answer #4 · answered by Anjanette C 1 · 3⤊ 0⤋
firstly, have an entreprenueral spirit
1. be motivated
2. have a vision a goal, where am i going, Bill Gates or the man on the street in the next corner
3. use your intuition i call it the sixth sense
4. meet a lot of people and share your idea if it sells then you are the man
5. use your five senses to your advantage, see me for explanation
6.read books by motivational speakers like Brain Tracy
7. get rid of the dangerous girls, they might let you lose your focus. don't be a solomon, so wise but so foolish.
that will be all mail me for more
2006-09-14 07:59:25 · answer #5 · answered by Larweh 1 · 0⤊ 0⤋
Check with your city to make sure you don't need some other licenses. Then go to your bank and apply for a small loan. This is a good start. Then you can establish credit with your office supply place, your office equipment place, etc.
2006-09-13 14:27:57 · answer #6 · answered by Lady J 4 · 0⤊ 0⤋
Hopefully you've developed some personal line of credit by now, either through credit cards or personal loans at a bank or Credit Union. If you've ever got a loan to buy a car you have some credit line somewhere. God Bless you.
2006-09-13 12:06:03 · answer #7 · answered by ? 7 · 2⤊ 0⤋
It depends on where you live and how old you are. Some areas have companies or charities that will give help regarding funding and credit. Check the Internet for any help in your area
2006-09-13 12:52:41 · answer #8 · answered by ? 2 · 0⤊ 0⤋
Find an invester in buying, and paying good rent then get debit cards save money big bank take little bank then find Credit Union then go small compnay home plus company car company loan and credit card then Jack **** sell it all and leave and collect on a main abbreviation. Due taxes Jackson Hewitt DD+ tAXES.
2006-09-13 11:31:58 · answer #9 · answered by bret f 3 · 0⤊ 3⤋
Start doing business. You might be able to get a limited amount of trade credit from your suppliers at first, but be prepared to give them deposits.
2006-09-12 05:43:31 · answer #10 · answered by AngiesHusband 5 · 2⤊ 0⤋